PrimeDAO Q4 2023 Update

This thread summarizes the state of PrimeDAO at the start of 2024.

The PrimeDAO Q3 update and new highs of on-chain activity led to increased activity among D2D stakeholders.

Guided by the Q4 Ops team, PrimeDAO resumed its Research and Development and made significant progress, while seeing its total non-D2D holdings increase by over $10,000 and spending only ~3% of the D2D held by PrimeDAO.

Summary of Q4 developments

Total Assets under Control of PrimeDAO
~ $140,000 worth of non-D2D tokens, from which ~$35,000 in USDC and $40,000 in ETH. Total non-D2D token holdings increased by $10,000+ since the start of Q4 2024.
~ 63M D2D tokens (63% of total supply). A decrease of about 2M D2D tokens since the start of Q4 2024.
~ 155,000 SAFE Tokens.

The Accounting Dashboard can be viewed here.

Spending in D2D to increase stakeholder alignment and minimize costs
In Q4, most contributions were awarded in D2D instead of USDC. By awarding contributors with D2D, PrimeDAO minimizes its stablecoin spending while further decentralizing its governance.

The increase in D2D distribution does not negatively influence the market price of D2D, given that the token is up nearly 20% from the start of Q4.

Proposals in Q4

  • [Passed] PDP16: Q4 Ops Budget: Proposal to fund a small Prime ops team focussed on Operations and Hosting, Treasury Management, Strategy, and R&D.

  • [Passed] Prime <> Inverter I RnD Proposal: Proposal to support the implementation of veD2D and continue design and development work to create a more robust and modular veFactory system that can be used by Prime and third-parties based on the Inverter system.

Upcoming Q1 developments
The main developments in Q1 are Tokenomics and product releases

  • It is anticipated that the veD2D tokeneconomy, if approved by PrimeDAO governance, will be launched in the coming two months based on the veD2D thread.

  • Continued development of an improvement veFactory will be on-going to have a prototype of an improved system ready by the end of Q1 based on the Inverter RnD thread.

  • The D2D - USDC yield strategy developed by SupremeDAO on top of PowerPool is anticipated to go live in the next two months.

At the end of Q1 2024, we will have nearly concluded the SupremeDAO strategy pilot, launched veD2D, and have a clear product vision and design for an improved veFactory solution.

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